TaxTMI 
TaxTMI 
1991 (4) TMI 16
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....assed under section 263 of the Income-tax Act, 1961 ?" The facts leading to this reference are stated hereafter : The assessee-company was taken over by Tata Iron and Steel Co. Ltd. For the period relating to the assessment year 1982-83 (the relevant accounting period being the year ending on March 31, 1982), the assessee filed a statement of advance tax under section 209A(1)(a) of the Incometax Act, 1961 (hereinafter referred to as "the Act"), declaring its income as nil, in view of the fact that the last regular completed assessment for the assessment year 1978-79 was computed as nil as the assessee was suffering a loss and in view of the further fact that, for the later assessment years 1979-80 to 1981-82, the assessee's total inco....
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....) which was introduced by reason of the amendment of section 80J. In view of the said interim orders and further, in view of the pendency of the proceedings before the Supreme Court challenging section 80J(1A) of the Act, the assessee, on the basis of the old provision before the amendment, submitted its return of income after setting off the deficiencies of the earlier years available under section 80J(3) of the Act and hence after setting off such deficiencies, the income became nil. The Commissioner of Income-tax, West Bengal, Calcutta, subsequently passed an order under section 263 revising the order of the Income-tax Officer passed under section 154 and held that the assessee was liable to pay interest under section 216 as, accordin....
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....come-tax Officer finds that an assessee has, under section 209A or under section 212 of the Act, underestimated the advance tax payable by him and thereby reduced the amount payable in either of the first two instalments ; or (b) Under section 213 of the Act, wrongly deferred the payment of advance tax on a part of his income. Condition (b) has no application in this case. In the present case also no estimate has been filed under section 212 of the Act as, admittedly, no order under section 210 of the Act had been made by the Income-tax Officer. Unless an order under section 210 of the Act is made by the Income-tax Officer, the question of filing an estimate under section 212 of the Act does not arise. The only point for considerat....
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....) of the Act, the assessee, before the last instalment was due, filed its estimate showing its income at Rs. 4 crores and paid advance tax of Rs. 2,25,50,000. The statement which is made under section 209A(1)(a) of the Act is different from the estimate which is required to be submitted under section 209A(4) or under the various other provisions of the Act. The Legislature has made a distinction between a statement which is required to be filed under section 209A(1)(a) and the estimate which is to be filed either under section 209A(4) or under the various other provisions of the Act. The interest under section 216 of the Act is attracted only in a case where an estimate is filed in respect of the first two instalments and such estimate i....
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....217 of the Act which refers to a statement which is required to be furnished under section 209A(1)(a) and an estimate which may be filed in lieu of such statement referred to in section 209A(2) of the Act. Similarly, section 218(1)(a) makes a specific distinction between a statement required to be filed under section 209A(1) and an estimate filed under section 209A of the Act. Such distinction also is to be found in section 273 of the Act. Section 273(1) gives power to the Income-tax Officer to levy penalty when no statement under section 209A(1)(a) of the Act is filed or such statement is untrue. Section 273(2) of the Act deals with imposition of penalty in a case where the estimate of advance tax is not filed or such estimate is found to ....